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December 2017

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India and China, the world’s two most populous countries, have opened a new chapter in their economic relations.

During the official visit of Chinese President Xi Jinping to India, both the countries agreed on a five-year economic and trade development plan, as an important new step to pursue higher ambitions in their economic relations.

During the visit, agreements were also signed on two Chinese industrial parks in India - one each in Gujarat and Maharashtra - and a commitment to realize about US$ 20 billion of Chinese investments in the next five years.

Over the two days in Ahmedabad and New Delhi, Indian Prime Minister Narendra Modi and the Chinese Premier discussed wide range of issues, including political and security issues, economic relations and people-to-people contacts. Both the leaders decided to deepen their engagement at all levels and hold regular summit level meetings.

During his talks, Prime Minister Modi also sought partnership in improving market access and investment opportunities for Indian companies in China. He apprised the Chinese Premier about India’s new policies and administrative steps and invited Chinese investments in India's infrastructure and manufacturing sectors.

The leaders also discussed regional connectivity and the proposal for the Bangladesh, China, India and Myanmar Economic Corridor. “Located at the crossroads of Asia, India believes that reconnecting Asia is important for its collective prosperity,” said Prime Minister Modi at a joint press briefing with Mr. Jinping.

On the sidelines of the official visit, Indian and Chinese companies signed 24 contracts worth about $4 billion across a range of sectors, including cotton yarn and fabric, and synthetic fibre. (RKS)